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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract] |
Disclosure of financial assets | The following table outlines the carrying amounts and classifications of the financial assets and liabilities:
Carrying value as at Dec. 31, 2020 |  |  |  |  |
| Derivatives used for hedging | Derivatives held for trading (FVTPL) | Amortized cost |  | Total
Financial assets |  |  |  |  |
Cash and cash equivalents(1) | — |  | — |  | 703 |  |  | 703 |
Restricted cash | — |  | — |  | 71 |  |  | 71 |
Trade and other receivables | — |  | — |  | 583 |  |  | 583 |
Long-term portion of finance lease receivable | — |  | — |  | 228 |  |  | 228 |
Risk management assets |  |  |  |  |
Current | 102 |  | 69 |  | — |  |  | 171 |
Long-term | 471 |  | 50 |  | — |  |  | 521 |
Other assets (Note 22) | — |  | — |  | 52 |  |  | 52 |
Financial liabilities |  |  |  |  |
Accounts payable and accrued liabilities | — |  | — |  | 599 |  |  | 599 |
Dividends payable | — |  | — |  | 59 |  |  | 59 |
Risk management liabilities |  |  |  |  |
Current | 10 |  | 84 |  | — |  |  | 94 |
Long-term | — |  | 68 |  | — |  |  | 68 |
Credit facilities, long-term debt and lease liabilities(2) | — |  | — |  | 3,361 |  |  | 3,361 |
Exchangeable securities (Note 25) | — |  | — |  | 730 |  |  | 730 |
(1) Includes cash equivalents of nil. (2) Includes current portion.
Carrying value as at Dec. 31, 2019 |  |  |  |  |
| Derivatives used for hedging | Derivatives held for trading (FVTPL) | Amortized cost |  | Total
Financial assets |  |  |  |  |
Cash and cash equivalents(1) | — |  | — |  | 411 |  |  | 411 |
Restricted cash | — |  | — |  | 32 |  |  | 32 |
Trade and other receivables | — |  | — |  | 462 |  |  | 462 |
Long-term portion of finance lease receivables | — |  | — |  | 176 |  |  | 176 |
Risk management assets |  |  |  |  |
Current | 71 |  | 95 |  | — |  |  | 166 |
Long-term | 607 |  | 33 |  | — |  |  | 640 |
Other assets (Note 22) | — |  | — |  | 47 |  |  | 47 |
Financial liabilities |  |  |  |  |
Accounts payable and accrued liabilities | — |  | — |  | 413 |  |  | 413 |
Dividends payable | — |  | — |  | 37 |  |  | 37 |
Risk management liabilities |  |  |  |  |
Current | 1 |  | 80 |  | — |  |  | 81 |
Long-term | 1 |  | 28 |  | — |  |  | 29 |
Credit facilities, long-term debt and lease liabilities(2) | — |  | — |  | 3,212 |  |  | 3,212 |
Exchangeable securities (Note 25) | — |  | — |  | 326 |  |  | 326 |
(1) Includes cash equivalents of nil. (2) Includes current portion.
Disclosure of financial liabilities | The following table outlines the carrying amounts and classifications of the financial assets and liabilities:
Carrying value as at Dec. 31, 2020 |  |  |  |  |
| Derivatives used for hedging | Derivatives held for trading (FVTPL) | Amortized cost |  | Total
Financial assets |  |  |  |  |
Cash and cash equivalents(1) | — |  | — |  | 703 |  |  | 703 |
Restricted cash | — |  | — |  | 71 |  |  | 71 |
Trade and other receivables | — |  | — |  | 583 |  |  | 583 |
Long-term portion of finance lease receivable | — |  | — |  | 228 |  |  | 228 |
Risk management assets |  |  |  |  |
Current | 102 |  | 69 |  | — |  |  | 171 |
Long-term | 471 |  | 50 |  | — |  |  | 521 |
Other assets (Note 22) | — |  | — |  | 52 |  |  | 52 |
Financial liabilities |  |  |  |  |
Accounts payable and accrued liabilities | — |  | — |  | 599 |  |  | 599 |
Dividends payable | — |  | — |  | 59 |  |  | 59 |
Risk management liabilities |  |  |  |  |
Current | 10 |  | 84 |  | — |  |  | 94 |
Long-term | — |  | 68 |  | — |  |  | 68 |
Credit facilities, long-term debt and lease liabilities(2) | — |  | — |  | 3,361 |  |  | 3,361 |
Exchangeable securities (Note 25) | — |  | — |  | 730 |  |  | 730 |
(1) Includes cash equivalents of nil. (2) Includes current portion.
Carrying value as at Dec. 31, 2019 |  |  |  |  |
| Derivatives used for hedging | Derivatives held for trading (FVTPL) | Amortized cost |  | Total
Financial assets |  |  |  |  |
Cash and cash equivalents(1) | — |  | — |  | 411 |  |  | 411 |
Restricted cash | — |  | — |  | 32 |  |  | 32 |
Trade and other receivables | — |  | — |  | 462 |  |  | 462 |
Long-term portion of finance lease receivables | — |  | — |  | 176 |  |  | 176 |
Risk management assets |  |  |  |  |
Current | 71 |  | 95 |  | — |  |  | 166 |
Long-term | 607 |  | 33 |  | — |  |  | 640 |
Other assets (Note 22) | — |  | — |  | 47 |  |  | 47 |
Financial liabilities |  |  |  |  |
Accounts payable and accrued liabilities | — |  | — |  | 413 |  |  | 413 |
Dividends payable | — |  | — |  | 37 |  |  | 37 |
Risk management liabilities |  |  |  |  |
Current | 1 |  | 80 |  | — |  |  | 81 |
Long-term | 1 |  | 28 |  | — |  |  | 29 |
Credit facilities, long-term debt and lease liabilities(2) | — |  | — |  | 3,212 |  |  | 3,212 |
Exchangeable securities (Note 25) | — |  | — |  | 326 |  |  | 326 |
(1) Includes cash equivalents of nil. (2) Includes current portion.
Disclosure for sensitivity ranges for the base fair value |
As at | Dec. 31, 2020
Description | Base fair value | Sensitivity | Valuation technique | Unobservable input | Range | Reasonable possible change
Long-term power sale – US | 598 | +35 | Long-term price forecast | Illiquid future power prices (per MWh) | US$24 to US$32 | Price decrease of US$3 or price increase of US$5
-59
Coal transportation – US | (16) | +3 | Numerical derivative valuation | Illiquid future power prices (per MWh) | US$24 to US$32 | Price decrease of US$3 or price increase of US$5
Volatility | 15% to 40% | 80% to 120%
-5 | Rail rate escalation | US$21 to US$24 | zero to 4%
Full requirements – Eastern US | 11 | +3 | Historical bootstrap | Volume |  | 95% to 105%
-3 | Cost of supply |  | (+/-) US$1 per MWh
Long-term wind energy sale –Eastern US | (29) | +22 | Long-term price forecast | Illiquid future power prices (per MWh) | US$35 to US$52 | Price increase or decrease of US$6
-22 | Illiquid future REC prices (per unit) | US$11 | Price increase or decrease of US$1
Others | (4) |  | +5 |  |  |  |
-5 |  |  |  |
As at | Dec. 31, 2019
Description | Base fair value | Sensitivity | Valuation technique | Unobservable input | Range | Reasonable possible change
Long-term power sale – US | 737 |  | +46 | Long-term price forecast | Illiquid future power prices (per MWh) | US$20 to US$28 | Price decrease of US$3 or a price increase of US$9
-139
Structured products – Eastern US | 7 |  | +2 | Option valuation techniques, historical bootstrap and historical price regression analysis | Basis relationship | 91% to 112% | 4% to 6%
-2 | Non-standard shape factors | 63% to 116% | 4% to 10%
Full requirements –Eastern US | 10 |  | +3 | Historical bootstrap | Volume |  | 95% to 105%
-3 | Cost of supply |  | (+/-) US$1 per MWh
Long-term wind energy sale – Eastern US | (28) |  | +20 | Long-term price forecast | Illiquid future power prices (per MWh) | US$38 to US$60 | Price increase or decrease of US$6
-20 | Illiquid future REC prices (per unit) | US$9 | Price increase or decrease of US$1
Others | (6) |  | +8 |
-8
Disclosure of risk management strategy related to hedge accounting | The following tables summarize the key factors impacting the fair value of the Level III commodity risk management assets and liabilities by classification level during the years ended Dec. 31, 2020 and 2019, respectively:
| Year ended Dec. 31, 2020 |  | Year ended Dec. 31, 2019
| Hedge | Non-hedge | Total |  | Hedge | Non-hedge | Total
Opening balance | 678 |  | 8 |  | 686 |  |  | 689 |  | 6 |  | 695 |
Changes attributable to: |  |  |  |  |  |  |
Market price changes on existing contracts | (18) |  | 3 |  | (15) |  |  | 77 |  | 8 |  | 85 |
Market price changes on new contracts | — |  | 7 |  | 7 |  |  | — |  | 14 |  | 14 |
Contracts settled | (71) |  | (10) |  | (81) |  |  | (57) |  | (19) |  | (76) |
Change in foreign exchange rates | (16) |  | 1 |  | (15) |  |  | (31) |  | (1) |  | (32) |
Transfers into (out of) Level III | — |  | — |  | — |  |  | — |  | — |  | — |
Net risk management assets at end of period | 573 |  | 9 |  | 582 |  |  | 678 |  | 8 |  | 686 |
Additional Level III information: |  |  |  |  |  |  |
Gains (losses) recognized in other comprehensive income | (34) |  | — |  | (34) |  |  | 46 |  | — |  | 46 |
Total gains included in earnings before income taxes | 71 |  | 11 |  | 82 |  |  | 57 |  | 21 |  | 78 |
Unrealized gains included in earnings before income taxes relating to net assets held at period end | — |  | 1 |  | 1 |  |  | — |  | 2 |  | 2 |
Disclosure of fair value measurement of liabilities | The fair value of financial assets and liabilities measured at other than fair value is as follows:
| Fair value(1) | Total carrying
| Level I | Level II | Level III | Total | value(1)
Exchangeables securities – Dec. 31, 2020 | — |  | 769 |  | — |  | 769 |  | 730 |
Long-term debt – Dec. 31, 2020 | — |  | 3,480 |  | — |  | 3,480 |  | 3,227 |
Exchangeable securities – Dec. 31, 2019 | — |  | 342 |  | — |  | 342 |  | 326 |
Long-term debt – Dec. 31, 2019 | — |  | 3,157 |  | — |  | 3,157 |  | 3,070 |
(1) Includes current portion.
Disclosure of difference between transaction price and the fair value determined using valuation model | The difference between the transaction price and the fair value determined using a valuation model, yet to be recognized in net earnings, and a reconciliation of changes is as follows:
As at Dec. 31 | 2020 | 2019 | 2018
Unamortized net gain at beginning of year | 9 |  | 49 |  | 105 |
New inception gains (losses)(1) | (13) |  | 3 |  | (14) |
Change in foreign exchange rates | — |  | — |  | 5 |
Amortization recorded in net earnings during the year | (29) |  | (43) |  | (47) |
Unamortized net gain (loss) at end of year(2) | (33) |  | 9 |  | 49 |
(1) During 2020, the Corporation entered into a coal rail transportation agreement that includes an upside sharing mechanism. Option pricing techniques have been utilized to value the obligation associated with this component of the deal. (2) During 2020, the net inception gain on the long-term fixed price power sale contract in the US changed to a loss position based on the day 1 forward price curve at inception of the contract.

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